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Investors Puzzled by Details
Of Conversion to the Euro

By

Chip Cummins Dow Jones Newswires

Updated Aug. 12, 1998 12:52 a.m. ET

LONDON -- On Jan. 1, one ECU will turn into one euro, according to the terms of European monetary union. It couldn't be simpler.

That's what Avinash Persaud, J.P. Morgan's head of currency research in London, thought until a barrage of confused clients called earlier in the year about the nuts and bolts of converting their investments. He sent out a circular to clear the air: "Ecus, Euros and a Common Confusion."